Minister with responsibility for Cooperatives, Hon. Frederick Stephenson said that the current Cooperative Societies Act was the result of a high level of consultation with the local cooperative sector.

He was speaking at the opening of a Credit Union Legislation Workshop being hosted by the SVG Co-operative League, in conjunction with the Caribbean Confederation of Credit Unions.

Minister Stephenson said that the Act which was revised in 2012, sought to improve on the previous legislation given the changes in the global financial landscape.

Minister Stephenson said that the bill was revamped to be more consistent with other countries in the region.

SOURCE: NBC